eInsurance Guides

The US insurance giant American International Group (AIG) has cut salaries for top officials and executives. The salaries were chopped back after extreme pressure from the Obama administration. The company has received three administration bailouts totaling $270 billion since 2008, and has made a further request for another $30 billion.

On the other hand, senior management of the group said the administration will have no say in multi-million dollar bonuses to be paid for last year. Because the Treasury Department determined that the administration did not have the legal authority to block the current payments by the AIG. The amounts of payment are part of a larger total payout allegedly valued at $450 million.  The company declared earlier the running month that it had suffered a loss of $61.7 billion for the fourth quarter of 2008. It was the largest corporate loss in history.

Related Tags

aig cut salaries of top executives

Different sources said last Friday Prudential Financial Inc. is leading the race to get two Japanese life insurers put on sale by American International Group (AIG) Inc. in a agreement owing to close next week. The two insurance companies are AIG Edison Life Insurance Co. and AIG Star Life Insurance. They were put on the block 2008 as part of AIG’s efforts to shed assets worldwide following a bailout by the U.S. administration. The sources said U.S.-based Prudential and Canada’s Manulife Financial Corp. took part the first round of bidding in December 2008. They are expected to place final bids next week, speaking on condition of anonymity as the bidding is not public.

One of the sources said, the final price can be between 100-200 billion yen ($1.1-$2.1 billion). The sources said Prudential is the front-runner. With offering a better worth, Prudential appears willing to buy both insurers whereas Manulife may be interested in buying only one. With knowledge of the bidding process one source said “At this point Prudential is in the lead because it is offering a higher price.” However, Manulife Life Insurance spokesman Minoru Shimizu, Prudential of Japan spokesman Masato Kuroda, and a spokesman for AIG in Japan all declined to comment. But the sources said the information is true.

Related Tags

aig sell insurance japan news in e-insurance company in japan

We can’t predict the future. We always fear about our future, want to be ready to cover our financial needs, when, something bad happens. And there is no other best thing then an insurance that can protect you in crisis moment.

But Insurance is that type of product we all love to hate. We pay thousands of dollars in premiums each year for health, dental, auto, homeowner, life, disability, long-term care coverage. You might hate paying those cost, but it’s smart to pay.

Insurance companies understand our fear about our future life and they offer a variety of insurance policies designed to protect us from disability to disease and everything in between. They offer lots of policies to improve their business. There are some kinds of insurance that you extremely should have but there are just as many that you shouldn’t buy. Here is a list of Insurance policies that you are probably better off without.

1. Mortgage life insurance
2. Private mortgage insurance
3. Life insurance for Babies
4. Credit card fraud protection
5. Credit card loss insurance
6. Cancer insurance
7. Car rental insurance
8. Car rental damage insurance
9. Accidental death insurance
10. Identity theft insurance
11. Flight insurance
12. Extended warranties
13. Automobile collision insurance
14. Flood insurance
15. Water line coverage
16. Unemployment insurance
17. Crime insurance
18. Hospital indemnity insurance

Related Tags

Recently RSA Insurance Group has signed a framework agreement to acquire Direct Insurance Financial Investments’s 50% holding in Intouch Insurance Group, which is a joint venture with direct operations in Poland, the Czech Republic and Russia for GBP70 million in cash.

According to RSA Insurance Group, the proposed investment is dependable with its emerging markets’ strategy to develop its direct distribution capability and its focus on motor as a core scheme. The British Insurance company said that the agreement is non binding and achievement of the transaction is subject to a number of conditions including attaining regulatory approvals.

The RSA Insurance Company was formed following the merger of Sun Alliance and Royal Insurance in 1996 but re-branded under the RSA brand in April 2008.

Related Tags

intouch insurance russia rsa insurance strategy 2009 rsa intouch rsa intouch insurance

Last Wednesday, the Travelers Cos. Inc.  Authority said it is providing $1.4 million to support St. Paul Public Schools district. School administrations are hailing the gift as a corporate model.
A large amount of the money from the St. Paul-based insurer will be used to extend the district’s Advancement via Individual Determination program down to the elementary school level. The program, which is currently in 11 secondary schools, assists middle-performing students get ready for college. The money especially, is for college-readiness for students and leadership training for principals as well.

Schools Superintendent Meria Carstarphen says it’s the first of a number of similar announcements expected in next weeks. Carstarphen said in November a dozen local businesses and foundations had pledged to make new commitments to support the city’s schools. She added the deal shows a new age of how businesses will work with the district and share accountability. She said “Collaborations like the partnership with Travelers will move us toward long-term solutions.”